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Newmans Tax Tips & News – April 2015

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Welcome…
To April’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

 
April 2015
· Pension freedom or liberation?
· Birthday surprise
· Marriage allowance
· Charities and tax
· April Question and Answer Section
· April Key Tax Dates
Pension freedom or liberation? top
Pension freedom is a GOOD thing. The change in law from 6 April 2015 means that members of defined contribution pension schemes who are aged 55 or more should be able to draw what they want from their pension schemes. But “pension liberation” is a BAD thing. This is when scammers use confidence tricks to separate taxpayers from their pension savings, and the taxpayer has to pay high charges and tax penalties. Can you tell the difference? Read More
 
Birthday surprise top
 
Marriage allowance top
Do you know when your younger workers will reach their key birthdays: 18 and 21?

It is essential to know exactly when these dates fall, as reaching such a milestone will change the level of national minimum wage (NMW) which must be paid to that worker. Read More

If you are married or in a civil partnership, and born on or after 6 April 1935 you can now apply for the new marriage allowance. This is not an extra amount of tax free allowance, but a transfer of £1,060 of unused personal allowance from one spouse or civil partner to the other. It will save the couple tax of £212 for 2015/16. Read More
 
Charities and tax top
 
April Question and Answer Section top
If you help to run a charity you need to keep on top of the tax and audit regulations that apply to charities, and the gift aid scheme.

A person with earnings or pension income of less than £10,600 and interest of up to £5,000 will pay no income tax in 2015/16. These individuals should not make gift aid declarations for donations made on or after 6 April 2015, as they do not pay the income tax which the charity reclaims in respect of that donation.

As a charity you can reclaim tax online which has been deducted from bank interest, or is due back under the gift aid scheme or gift aid small donations scheme (GASDA). The charity needs to register with HMRC’s online services and opt to use the Charities Online service. Details of the donations it receives can be reported on a spreadsheet for up to 1,000 donations at a time. HMRC provide example spreadsheets to help with this process. Read More

 Q. My personal company operates from a little brick building at the end of my garden, which is heated with a portable gas heater. Can the company pay me for the cost of the gas bottles used for that heater, on top of the “use of home” allowance of £4 per week? Answer

Q. Which is cheaper: the company to take out a corporate health insurance policy for its employees, or each employee to take out personal health insurance policies and the company to pay the policy premiums on behalf of the employees? Answer

Q. I started trading as a hairdresser nine months ago and have made sales of £66,000 so far. I’m worried that I will have to register for VAT soon and lose 20% of my income directly to the taxman. What can I do? Answer

 
April Key Tax Dates top
5 – End of 2014/15 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA’s

14 – Return and payment of CT61 tax due for quarter to 31 March 2015

19 – Deadline for finial submission of the year – 19th April. Penalties for late submission.

19 – PAYE/NIC, student loan and CIS deductions due for month to 5/4/2015 or quarter 4 of 2014/15 for small employers. Interest will run on any unpaid PAYE/NIC for the tax year 2014/15

30 – Additional daily penalties of £10 per day up to a maximum of £900 for failing to file self-assessment tax return due on 31 January 2015

 
Need Help? top
 
New Clients Welcome top
 Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.

If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.

 
About Us top
Newmans Accountants are based in Potters Bar, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website http://www.srgnewmans.co.uk for more information.

 

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